When you are involved with a home purchase or sale you will hear the word ‘closing’ quite often but it
you have never bought or sold a home before or if it’s been a while you may not know what exactly a
real estate closing looks like.
Closing day typically occurs 30-60 days after a purchase agreement is accepted so it can feel like you
have worked very hard to get there and that it has been a long time coming. This all results in great
excitement when this big day finally arrives!
A ‘closing’ is where the buyer meets with a representative from the lending institution and a
representative from the title company (sometimes the lending institution just sends documents to the
title company ahead of time and a representative does not actually attend the closing in person) in
order to transfer the property title from the seller to the buyer. In the state of Nebraska, the seller does
not attend the closing with the buyer but signs their side of the paperwork prior to the closing day.
If financing the property, your lender will require you to sign documents including a promissory note, as
evidence that you are personally responsible for repaying the loan. The mortgage or deed of trust gives
the lender the right to sell the property if the borrower fails to make the payments. At closing the
buyer/borrower will be required to pay all fees and closings costs in the form of ‘guaranteed funds’ such
as a cashier’s check or bank wire transfer. Your agent or title company representative will notify you of
the exact amount you will need prior to closing. If the buyer chooses to have these funds wired to the
title company he/she should verbally verify the wire instructions with the title representative to avoid
In addition to the certified funds for the fees and closing costs, the buyer will need to bring a photo ID to
Closing typically takes place at the title company and usually lasts 45 minutes or less. When closing is
complete the buyer receives the keys to his/her new home and then the real fun begins…..moving in!